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Report: IAG mulls selling SBI General Insurance stake

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Report: IAG mulls selling SBI General Insurance stake

Insurance Australia Group Ltd. is eyeing selling a stake in its joint venture with State Bank of India, SBI General Insurance Co. Ltd., Mint reported, citing two people directly aware of the development.

IAG, which owns 26% of the general insurer, has reportedly started talks to hire an investment bank that will manage the process. A source said IAG is considering off-loading the stake in multiple tranches, with a portion likely to be sold before SBI General Insurance's proposed IPO and a part in the initial share sale. IAG might also sell more of the stake over a period of time.

IAG declined to give a comment to Mint, while the State Bank of India did not immediately respond to the news outlet's request for comment.